The White House disagrees that the United States deserved a credit downgrade — and says Republicans are to blame.
Press secretary Karine Jean-Pierre released a statement shortly after news broke that Fitch Ratings downgraded the U.S. credit rating. The announcement follows a series of partisan debt standoffs on Capitol Hill."We strongly disagree with this decision," Jean-Pierre said.
Fitch announced Tuesday evening that the United States's"AAA" rating, the highest possible, would be downgraded to"AA+" following this past year's debt limit showdown, even though a hike was authorized by Congress and President Joe Biden before the July deadline.
Treasury Secretary Janet Yellen also said she strongly disagreed with the decision, calling it arbitrary and based on outdated data and listing improvements the Biden administration has made toward economic stability. But the nonpartisan Committee for a Responsible Federal Budget was less forgiving of both sides in the debt ceiling showdown."Today’s downgrade should be a wake-up call — we need to get our country’s fiscal and political house in order," CRFB president Maya MacGuineas said."The United States economy remains strong, but we are on an unsustainable trajectory."
CRFB pointed to a high and rising national debt, increasing interest costs, and coming too close to default during the debt limit debate as reasons for the downgrade.
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